Oil falls 2 % on OPEC cut uncertainty ahead of meeting

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Oil prices fell more than 2 % on Friday, dragged down by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal, after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts.

Brent crude futures were trading at $47.79 a barrel at 10:51 a.m. Eastern (1551 GMT), down $1.21. U.S. crude futures was at $46.84 a barrel, down $1.12. Overall activity on both contracts was thin after the U.S. Thanksgiving holiday and ahead of the weekend.Top OPEC oil exporter Saudi Arabia has told the producer group it will not attend talks on Monday with non-OPEC producers to discuss limiting supply, OPEC sources said, as it wants to focus on having consensus within the organisation first.

"I think Saudi's announcement it would not to go to the meeting drove the initial sell-off," said Tariq Zahir, managing member at Tyche Capital in New York. "There has to be a substantial cut and it has to be something that the street will believe."


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